Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
HSBC suspends foreclosures
 
by Kim Miller March 1st, 2011

 HSBC, the “world’s local bank,” said in its 2010 financial report released last night that it has suspended foreclosures indefinitely because of problems with how the cases are processed, prepared and filed.

The report to investors says the bank is responding to federal inquiries about its foreclosures and “certain deficiencies in our processing, preparation and signing of affidavits and other documents supporting foreclosures.”

Also listed as a concern is the evaluation and monitoring of the law firms handling HSBC’s cases.

“Management is reviewing foreclosures where judgment has not yet been entered and will correct deficient documentation and re-file affidavits where necessary,” the report says. “We have suspended foreclosures until such time as we have substantially addressed noted deficiencies in our processes.”

 

Quote 0 0
William A. Roper, Jr.
It should probably be noted that HSBC seems to have suspended foreclosure for which it is the servicer.  Foreclosures for which HSBC is the trustee and another lender is the servicer probably have NOT been suspended.

Ironically, HSBC appears as the plaintiff primarily as trustee, NOT as servicer.  So IF the suit is in HSBC's name, your suit is probably going forward.  If the suit is in teh name of some other bank (e.g. Deutsche Bank, U.S. Bank, Wells Fargo, etc.), with HSBC as the servicer pulling the strings behind the scenes, the case may be on hold.

Be careful in reading and assessing this information.

DO NOT MISS ANY COURT DEADLINES BASED UPON WHAT YOU THINK YOU LEARNED FROM NEWS ARTICLES!
Quote 0 0
Write a reply...